Good Morning Everyone,
In a tweet this morning Jack Dorsey announced his intentions to build an open Bitcoin mining system. Jack first signaled that this was being considered back in October last year, and that the hardware would be based on custom silicon and fully open source for individuals and businesses worldwide, built in the open and in collaboration with the community.
Fast forward three months, and it’s now confirmed and is happening. One of Jack’s colleagues posted a thread discussing the companies thinking so far.
They discuss many areas of potential focus and improvement, but what really jumped out at me was this comment.
This is a big time bet by Jack and his team. Jack is prioritizing his resources, both personally and that of his companies, to build hardware that supports a future that is fully decentralized and permissionless. Jack is not just some random kid on the internet with some crazy hair-brained idea that has as low probability of executing.
Jack is a known quantity with a proven track record. He has already built multiple multi-billion dollar companies, and has demonstrated a rare ability to identify trends in technology and in building companies of the future. For example, Twitter was launched all the way back in 2006, before the iPhone or Facebook. So he had a strong conviction that it was of value more than 15years ago. Some people around the world still have never even used the platform.
In my opinion, this is a major inflection point.
Its estimated 80% of the humans on earth in 2022 have a smart phone. 8/10. That is a staggering figure. Could we be moving to a world where 80% run bitcoin miners? Call me crazy, but I honestly think it’s possible, even likely. If the hardware is readily available, reasonably priced and “just works” out of the box more and more people will adopt it.
People will look back on this time and wonder why no one else had done this already, and that it was so obvious upon reflection. But the truth is it’s not obvious, and it requires an incredible level of vision and conviction to execute that few have.
The implications for the network have never been greater. Decentralization is inevitable. The current system is being decommissioned and a new system is being built before our eyes in real time. In the open and in collaboration with the community.
Powerful.
I hope you have a strong finish to your week, and I look forward to speaking with you on Monday.
Before i go - if you’re finding these letters valuable it would mean a lot if you could share with your friends and family so we can help as many people as possible make sense of the shift that is taking place and be best prepared for the future. Appreciate it.
Chat to you Monday
AK
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